The Insider

Giordano, Lilang, XLX, PAX lead stock buybacks in Hong Kong after reporting earnings

PUBLISHED : Sunday, 20 August, 2017, 5:31pm
UPDATED : Sunday, 20 August, 2017, 10:42pm

The buying by directors surged after falling for three straight weeks with 24 companies that recorded 142 purchases worth HK$133 million, based on exchange filings from August 14 to 18.

Insiders’ selling was flat with 9 companies that recorded 27 disposals worth HK$43 million.

Buyback activity rose for the second week with 16 companies that posted 73 repurchases worth HK$980 million, up from the previous week’s 10 firms, 62 trades and HK$861 million.

The buyback activity has picked up in the past two weeks as firms like China Lilang Limited, China XLX Fertiliser, PAX Global Technology and Giordano International resumed buying back following the announcement of results.

Lilang, a producer of men’s clothing and accessories, repurchased 2.76 million shares on August 17 at HK$5.76 each. Director Pan Rong Bin bought 221,000 shares from April 27 to May 18 at an average of HK$4.81 each, raising his holdings by 8 per cent to 3.051 million shares. Pan, who joined the group in 1998, previously acquired 130,000 shares in June 2016 at HK$4.66 each. The stock closed at HK$5.95 on Friday.

Urea and fertiliser manufacturer XLX repurchased 1.15 million shares on August 16 at HK$2.06 each.

Chief financial officer Yan Yun Hua sold 620,000 shares from January 9 to 12 at HK$2.49 each, reducing her holdings to 276.765 million shares, or 27.68 per cent. She previously sold 181,000 shares from November 18 to December 5, 2016 at HK$2.50 each and 468,000 shares from August 11 to September 8, 2016 at HK$2.33 each. The stock closed at HK$2.05 on Friday.

PAX Global, a provider of electronic point-of-sales (EFT-POS) terminals, repurchased 5 million shares on August 15 at an average of HK$4.28 each. The group previously acquired 5 million shares in November 2016 at HK$4.65 each and 5 million shares in September 2016 at HK$5.85 each. The stock closed at HK$4.26 on Friday.

Clothing retailer Giordano repurchased 416,000 shares from August 11 to 16 at an average of HK$4.51 per share. The group previously acquired 5.4 million shares from June 22 to July 10 at HK$4.35 each. Prior to the buybacks this year, the Company acquired 64.4 million shares from April 1994 to October 2000 at an average price of HK$2.95 each. The stock closed at HK$4.78 on Friday.

Robert Halili is managing director of Asia Insider.